Current Mortgage Rates 11/29/23

Leave a Comment / Blog / By Patrick Bowman

TODAY’S INTEREST RATES

There has been a lot of rate friendly data coming out since the second half of October that has really helped mortgage rates move lower.

Per Mortgage News Daily, on Oct 16th the posted rates from mortgage companies was 7.94%. As of today, the posted rates are 7.13%. That’s a .81% decrease in interest rates in a month and a half!

The Mortgage Bankers Association mortgage application data this morning and mortgage applications are increasing which is wonderful news! Home Purchase applications are up almost 5% from last week, and up 19% from this time last year. That’s a HUGE increase in potential buyer activity.

Also the Consumer Price Index (CPI) and the Personal Consumption Expenditures (CPE) reports come out tomorrow. If we see inflation data showing it’s continuing to slow down, this will be good for rates. My fingers are crossed!

Below is a screenshot of the Mortgage Backed Securities Market. You can see a solid, longer trending increase in these bonds which is helping rates move lower.

The rates below all have around 1 Discount Point being charged.

CROMFORD REPORT

*The Cromford Report is a Detailed Analysis of the Phoenix Metro Housing Market. While Many of Our Partners & Clients

are in different areas, Phoenix often starts housing trends and thus we think the information is valuable regardless of your market*

Phoenix metro active listings are continuing to rise but at a slower pace.
I predict you will see a crest that will come down once the Spring buying season hits.

Because the weather is so nice during an Arizona winter, Spring buying season can start in January.

Here’s today’s market snapshot

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